AM Comments 02/21/14
Friday, February 21, 2014, 8:15 amSubmitted by: Dustin Weiner
Good morning!
Our markets are lower, likely due to the USDA Ag Forum numbers that were released this morning. I attached the tables to the bottom of this email but long story short they have the carryouts growing next year with corn over 2b bu and beans up to 285m bu. While this doesn’t mean a whole lot because the S&D picture can/will change between now and then… it is a little bearish today.
The weekly export sales report was out this morning and it was about as expected with corn sales within the range of guesses (albeit at the lower end). Soybean sales were very small but they were still net positive. This fact that it wasn’t net negative goes against the China cancellation stories that the bears in the market have been pushing. There were also some decent new crop bean sales put on. So, while the small export number on beans may appear to be negative to prices today – don’t let it fool you. The USDA has total soybean exports this year written in as 1.510 billion bushels, we have 1.587bb already sold and over 5 months left in the marketing year. The market will need to see cancellations soon, or else price may have to do the work.
Opening Calls
Corn steady to down 2c
Soybeans down 2c to up 2c
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